The Securities and Exchange Commission (SEC) is finally appealing the July 2023 ruling by U.S. District Judge Analisa Torres that the programmatic sales of XRP didn’t constitute a securities violation.
In a court document filed on Oct. 2nd, the SEC presented its Notice of Appeal, wherein it said the agency “respectfully appeals to the United States Court of Appeals for the Second Circuit from the final judgment entered by this Court on August 7, 2024.”
The SEC had until Oct. 7 to decide whether to appeal the ruling or not. The development today means that the years-long legal battle between the regulator and Ripple will continue again.
Prior to the appeal, a former SEC attorney revealed just last week that everyone at the agency believed that judge Torres’s ruling was wrong.
“Everyone over there [at the SEC] truly believes that the decision is wrong, that it’s not good law, and should be appealed,” the attorney said.
This is a developing story
